Waking up one morning and realising that the home you live in is too big for you might lead you to consider downsizing. Most people do this for financial reasons. Selling a large home and buying a small home certainly frees up some money that can then be spent on other things. If you’re thinking about downsizing, you need to be aware of some of the myths and realities surrounding the process
Myth: It Only Helps Your Finances in the Short-Term
Many people say that downsizing your home only provides your personal finances with a short-term lift. But that’s not really true. The benefits are, in fact, long-term. For example, your mortgage repayments will be smaller, and that’s if you need a mortgage at all. That will certainly have a long-term impact on your financial situation. On top of that, the upkeep and the running of the home will be much more affordable for you. That’s a big deal and shouldn’t be underestimated. So, if you do decide to downsize, you can expect to feel the financial benefits for a long time.
Reality: Living in a Smaller Place Can Save You Time Too
One reality to take into account is the amount of time you’ll be able to save by moving into a smaller home. If you have a smaller house to clean and organise and manage, it will take up less of your time. As you get older, it’s your time that you begin to value higher than anything else. So, this is something that should factor in your decision whether or not to downsize. Those big houses can be such a task to stay in control of, and do you really want to spend the years ahead cleaning it and tending to its upkeep.
Myth: It Takes a Long Time and a Lot of Planning
For many people, it’s the idea of planning and stress and wasting time that puts them off making this kind of move. But it’s a bit of a myth that moving takes a long time and lots of planning. If you really want to move through the process quickly and smoothly, there is nothing stopping you from doing this. In fact, it would be a good idea to do it that way. If time matters to you more than money, you can sell your house fast using a house buying company. You can then take the money and move into a smaller place that you’ve had your eye on.
Reality: You Will Have to Give Up Some Belongings
Finally, you will have to come to terms with the fact that you can’t take everything with you when you move into a smaller place. This is a matter or physics. If you have a big house packed full of your possessions, they won’t all fit in your smaller place. So, it could be a good idea to get rid of some of the things you have. By having a clear out, you can start afresh when you get your new place. But, whether you like the idea of having a clear out or not, you will have to take it into account.
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